Category: Poland

CK Legal Chabasiewicz Kowalska has advised Kruk on its latest issuance of series AP2 bonds.

Kruk operates in the debt collection industry across Poland and Central Europe. The company has been listed on the Warsaw Stock Exchange since 2011.

According to CK Legal, “thanks to a dedicated mechanism provided in the base prospectus for the 11th Bond Issuance Program of Kruk, the company was able, during the offering, to increase the number of offered AP2 series bonds and their total nominal value from PLN 100 million to a maximum of PLN 125 million in response to high investor demand. The bond offering attracted significant interest and was concluded with a proportional subscription reduction of 62%.”

Earlier this year, CK Legal advised Kruk obtaining the Polish Financial Supervision Authority’s approval for its bond issuance program (as reported by CEE Legal Matters on October 18, 2024), on its AO7 bond issuance (as reported by CEE Legal Matters on March 1, 2024), and on the issuance of its AO5EUR and AO6EUR series bonds (as reported by CEE Legal Matters on February 12, 2024). In 2023, CK Legal advised Kruk on its AO3EUR and A04EUR issuance (as reported by CEE Legal Matters on December 20, 2023).

The CK Legal team included Founding Partner Wojciech Chabasiewicz and Head of Capital Markets Anita Gwozdz.

Norton Rose Fulbright has advised Polski Fundusz Rozwoju on a PLN 82.5 million in long-term financing to fund and refinance the construction of photovoltaic plants sponsored by Projekt Solartechnik. Rymarz Zdort Maruta advised Projekt Solartechnik.

Projekt Solartechnik specializes in the development and construction of large-scale PV plants, wind farms, and the sale of green energy.

According to Norton Rose, the financing will support the construction of PV plants across 12 voivodeships in Poland, with more than half already under construction, totaling approximately 40 megawatt-peak capacity.

In 2023, Norton Rose Fulbright advised on PFR’s financing for Projekt Solartechnik (as reported by CEE Legal Matters on August 9, 2023).

The Norton Rose team included Partner Tomasz Rogalski, Counsel Krzysztof Gorzelak, Senior Associate Cezary Zawislak, Associate Daniel Ksiazek, and Lawyers Wiktoria Jadczak, Dominika Wojtkowska, Natalia Rybak, Antoni Krzyzanowski, Mikolaj Rydzewski, Bartosz Odziemkowski, and Mikolaj Wolczynski.

The Rymarz Zdort Team included Partner Jakub Rachwol and Associates Augustyna Porzucek and Filip Ksiazczak.

Dentons has advised Helaba Landesbank Hessen-Thueringen, Pbb Deutsche Pfandbriefbank, and Berlin Hyp on the EUR 180 million loan extended to Immofinanz to replace the previous financing of the Myhive Warsaw Spire project.

According to Dentons, the project is “one of the tallest modern office towers in Warsaw, Poland, with gross leasable area of more than 71,000 square meters and a BREEAM Excellent certification. Helaba, Pbb Deutsche Pfandbriefbank, and Berlin Hyp served as joint lead arrangers and provided the financing in equal parts, with Helaba acting as the facility and security agent for the transaction.”

The Dentons team included Co-Managing Partner Bartlomiej Kordeczka, Partner Bartosz Nojek, Counsel Jakub Zienkiewicz, and Associates Kamil Bator, Karol Scibor, Karolina Kordulska-Tetkowska, and Martyna Kaminska.

Greenberg Traurig has advised Eastnine on its acquisition of the Warsaw Unit office building from Ghelamco for EUR 280 million. Dentons and Rymarz Zdort Maruta advised Ghelamco.

Eastnine is a Swedish real estate company focused on office and logistics properties in the Baltics. It is listed on Nasdaq Stockholm Mid Cap, Real Estate.

According to Greenberg Traurig, located in the Wola district of Warsaw, the Warsaw Unit offers over 59,800 square meters of office space across 46 floors. The building is the first facility in Poland to receive WELL v2 Platinum certification and holds a BREEAM Outstanding rating. 

The Greenberg Traurig team included Deputy Managing Partner Radomil Charzynski, Local Partner Filip Kijowski, Counsels Olga Durawa and Justyna Jamrozy, Senior Associate Tomasz Denko, Associates Paulina Walczewska, Maciej Smaczynski, Natalia Skomorowska, Patrycja Wakuluk, and Igor Jedrys, and Junior Associate Weronika Kopec.

The Dentons team included Co-Managing Partner Bartlomiej Kordeczka, Managing Counsel Martyna Racz-Suchocka, Counsel Ewelina Klein, and Associates Karolina Kordulska-Tetkowska and Martyna Kaminska.

The Rymarz Zdort Maruta team included Partner Leszek Tokarski and Counsel Krzysztof Rembierz.

Editor’s Note: After this article was published, CEE Legal Matters learned that Linklaters advised Signal Capital Partners on its partnership with Ghelamco related to, among others, the sale of the Warsaw Unit.

Signal Capital Partners is a UK-based private asset management firm focusing on European corporate and real estate special situations investments.

The Linklaters’ team included Warsaw-based Managing Partner Janusz Dzianachowski, Partners Marta Domino and Artur Kulawski, Managing Associates Monika Lerka, Magdalena Szewczyk, Michal Nocon, Wojciech Podlasin, and Barbara Wanat, and Associates Aleksandra Mielniczuk, Justyna Tuleja, and Marcin Woloszyn as well as further lawyers in Brussels, London, and Stockholm.

PwC Legal has advised Benefit Systems on its acquisition of MyOrganiq which runs eight Organic Fitness clubs in western Poland. Sommerrey & Partners advised the sellers.

The value of the transaction is approximately PLN 25 million. According to Benefit Systems, “the Organic network is a long-term partner of the MultiSport Programme, the offer of which is very popular among Benefit Systems Group’s sports card users.”

The PwC Legal team included Partner Wojciech Trzcinski, Counsels Marcin Dabrowski and Paulina Komorowska-Mrozik, and Senior Associates Katarzyna Hincz, Aleksander Zielinski, Konrad Biskup, and Dominika Chodkowska.

The Sommerrey & Partners team included Partner Paulina Sommerrey.

Cytowski & Partners advises Wordware on its USD 30 million series seed with Spark Capital, Felicis, and Y Combinator. Goodwin Procter reportedly advised Spark Capital and Felicis.

Wordware is a Silicon Valley- and Poland-based LLM startup building automated AI agents. According to Cytowski & Partners, “the transaction is historically groundbreaking for Poland’s startup ecosystem as the deal is recognized as the largest seed round ever in Poland.”

The Cytowski & Partners team included Partner Tytus Cytowski, Associates Kunal Kolhe and Heidi Fan, Lawyer Michal Fert, and Law Clerk Fabiana Morales Centurion.

SSK&W has advised bValue on its partnership with Benefit Systems for the acquisition of a majority stake in Wellbee. Lawmore advised Wellbee. PwC Legal advised Benefit Systems.

bValue is a VC fund cofinanced by PFR Ventures.

Wellbee is a mental health well-being platform.

Benefit Systems is a well-being company based in Poland.

According to bValue, “this strategic collaboration will enable Wellbee, founded by Pawel Chrzan and Dariusz Milewski, to further enhance its innovative offerings in both B2B and B2C markets. The partnership with Benefit Systems will provide Wellbee with the resources and expertise needed to accelerate its growth and expand its reach, addressing the increasing demand for mental health services.”

Earlier this year, SSK&W advised on bValue and 500 Emerging Europe’s investment in Vidoc Security Lab (as reported by CEE Legal Matters on June 27, 2024). In 2023, SSK&W advised bValue on its earlier investment Vidoc Security Lab (as reported by CEE Legal Matters on October 4, 2023) and advised bValue and THC Pathfinder on their investment in Innential (as reported by CEE Legal Matters on April 28, 2023). In 2022, SSK&W advised bValue on XVision’s EUR 1 million seed funding round (as reported by CEE Legal Matters on January 18, 2022).

The SSK&W team included Partner Szymon Syp.

The PwC Legal team included Partner Wojciech Trzcinski, Counsel Marcin Dabrowski, Paulina Komorowska-Mrozik, and Senior Associates Katarzyna Hincz, Anna Piechota-Kazmierczuk, Konrad Biskup, and Dominika Chodkowska.

The Lawmore team included Partner Marcin Jaraczewski and Senior Associate Mateusz Okrasa.

Wardynski & Partners, working with Baker Botts, has advised Modern Times Group on its acquisition of Plarium Global.

Modern Times Group is a digital entertainment company based in Stockholm.

Mobile gaming creation company Plarium is part of Australian-based Aristocrat Leisure. Plarium’s headquarters are in Israel with creative teams in Poland, Ukraine, Finland, and Spain.

The Wardynski & Partners team included Partners Adam Pawlisz and Monika Gorska, Lawyers Dominik Kaszuba, Karolina Romanowska, Marcin Rytel, and Bartosz Troczynski, Attorneys at Law Tomasz Plesniak and Mateusz Chelstowski, Junior Associates Maciej Wierzchowiec and Patryk Jackiewicz.

Wardynski & Partners could not provide additional information on the matter.

Rymarz Zdort Maruta has advised Vantage on securing EUR 100 million in financing from the European Bank for Reconstruction and Development for the construction and operation of a portfolio of rental flats. Clifford Chance advised the EBRD.

Vantage is a company that develops and manages a private rented sector platform belonging to the TAG Immobilien group. It has premises in Wroclaw, Poznan, and Lodz.

According to Rymarz Zdort Maruta, “the transaction will add approximately 3,000 new affordable housing units to the Vantage portfolio. The private rented sector is a sector of the residential real estate market in which specialized, professional agents rent out residential properties.”

The Rymarz Zdort Maruta team included Partner Jakub Rachwol, Senior Associate Adrian Wieslaw, and Associate Maksymilian Kaszubowski.

The Clifford Chance team included Warsaw-based Partner Andrzej Stosio, Counsel Bartosz Kaniasty, Senior Associate Anna Miernik, and Associates Aleksandra Bialyszewska, Gabriela Kobak, Maria Janiak, and Mikolaj Borusowski as well as further team members in Frankfurt and Munich.

Rymarz Zdort Maruta has successfully represented DESA Unicum before the Internet Domain Arbitration Court at the Polish Chamber of Information Technology and Telecommunications in a case brought by Desa Dziela Sztuki i Antyki concerning the infringement of rights as a result of an agreement for the maintenance of the desa.pl domain name.

According to Rymarz Zdort Maruta, “both parties to the dispute were associated with the state enterprise “DESA” Dziela Sztuki i Antyki, which was split into two entities in 1991. Over the years, both entities also changed the form of their business, which in both cases, however, concerned trading in works of art and antiques. At the time of the split, it was not possible to establish the consensual use of the disputed ‘Desa’ name. In dismissing the action of Desa Dziela Sztuki i Antyki against DESA Unicum, the Internet Domain Arbitration Court emphasized the fact that the respondent had succeeded in demonstrating the continuity of the use of the desa.pl domain for activities conducted under the DESA Unicum designation and the long-standing toleration of this state of affairs by the claimant was of key importance for the decision.”

The Rymarz Zdort Maruta team included Managing Partner Marcin Maruta and Partner Zbigniew Okon.